Prediction market Kalshi is hinting strongly Friday that it expects U.S. regulators to approve its request to debut contracts linked to the Nov. 8 U.S. election.
At the top of its homepage, under the heading "Countdown to election markets," there's a clock counting down to midnight in the U.S. There is a caveat, though: a note saying "Pending regulatory approval."
Kalshi, unlike some alternatives, has taken a cautious approach to launching its service and introducing contracts, working closely with the U.S. Commodity Futures Trading Commission (CFTC) to get permission. An ex-CFTC commissioner, Brian Quintenz, is on its board.
Others have struggled to remain available for Americans. PredictIt, another prediction market, was told by the CFTC earlier this year to wind down its U.S. operations, though PredictIt has filed a lawsuit to overturn that decision. Polymarket, whose engine is a blockchain, is also barred from doing business in the U.S.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.